Japanese Companies Feeling U.S. Subprime Pinch

Date: 12 November 2007
Source: Marketwatch.com

Date: 12 November 2007

The U.S. subprime mortgage crisis is weighing heavily on the bottom lines of Japanese companies with exposure to the North American market -- and not just those in the financial sector.

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The regional operations of construction machinery companies had double-digit percentage declines in the six months ending Sept. 30, the first half of the fiscal year, as a result of the slowdown in the U.S. housing, according to a report published Tuesday in the Nikkei, Japan's business daily.



Asahi Glass Co.'s North American business posted an operating loss of 4.1 billion yen in the nine months through Sept. 30 on weak sales of construction-related materials. As housing prices plunged, particularly on the West Coast, flat-glass sales dropped, the Nikkei report said.



Read the entire report here.
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